$6B Crew Departs UBS to Create Bicoastal RIA

A Boston- and Los Angeles-based group of advisors has left UBS Monetary Providers to create a brand new registered funding advisor. Advisors Denis Cleary and Greg Devine have launched 71 West Capital Companions, an RIA with about $6 billion in consumer property. 

Cleary will function CEO of the brand new agency, working out of the Boston workplace, whereas Devine will run the Los Angeles workplace. They’ve chosen BNY Pershing for custody and clearing. The group serves ultra-high-net-worth people, households and foundations. 

Different group members embody Abigail Harris, Matthew Kirshner, Chris Carbone, William Corman, Spencer Danziger and Nolan Morr. 

Prior to creating the transfer to independence, Cleary and Devine had been with UBS for 5 years. They began working collectively in 2006 at Goldman Sachs. 

Cleary, who began his profession as a company lawyer, focuses on shoppers from sectors that embody know-how, healthcare, household enterprise and actual property. Devine, who beforehand had a profession within the tech sector, specializes within the know-how, non-public fairness, enterprise capital and household enterprise sectors.

This follows information from September {that a} seven-member group, which operated because the 440 Group inside UBS’s non-public wealth administration division, left to create a brand new multi-family workplace. The group launched Loxahatchee Capital, a Tequesta, Fla.-based agency with $1.4 billion in property, taking up Elevation Level as a minority investor. 

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